Indian shares wiped off early gains to end lower in a topsy-turvy trade on Wednesday, dragged by oil marketers, a day after the retail inflation came below the Reserve Bank of India's target for a sixth straight month.

Annual retail inflation in January rose 2.05 percent, its slowest pace since June 2017, strengthening the possibility of a key interest rate cut by the Reserve Bank of India in April.

However, analysts predict Nifty to be rangebound till the general elections due by May, with Geojit Financial Services' Gaurang Shah expecting the index to trade between 10,550 and 11,000.

The benchmark Sensex closed down for a fifth session, ending 0.33 percent lower at 36,034.11, while the broader Nifty ended 0.35 percent lower at 10,793.65, losing 2.5 percent in four sessions.